Last updated on March 21st, 2019 at 06:48 am
Creating a retail location for your online business can help you establish stronger relationships with your local customer base, as well as with people in the local community. But the process of taking an online store into the modern offline retail environment can be challenging. Within this article, we’ll provide an overview on the process as well as several tips to help you get your start within the offline retail marketplace.
Conduct a Cost Analysis
The differences between an online retail business and an offline retail business are immense. Particularly when it comes to costs. This means that you must first consider the costs of going offline with a bricks and mortar retail location. For example, you’ll need to factor in the marketing costs of the process.
While some marketing techniques suit both offline and online businesses, such as search engine optimization, you may also need to commit to local mailing campaigns to spread the word about your retail location. Once you have the cost analysis completed, find a lender with experience working with small businesses. This will ensure you have the available financing at a low interest rate to drive forward with your business plan.
Review Potential Locations
The place you select for your new retail location will be essential in defining the company’s success. You’ll need to review the local market dynamics and find an area that’s suitable for your particular business. Once you’ve narrowed down a neighbourhood, you can look around for the right type of space to suit your business’s needs.
For example, will you need a warehousing area to stock products? Will you require an additional showroom area within the space? Consider every possible factor before committing to a location.
Complete Competitor Analysis
One of the most important elements in building any brick and mortar store is competitor analysis. Before finalizing a location, you should review the potential competition within the area and determine how their services might impact your business. Do they offer similar products? Are you able to offer more affordable products at a higher quality level? Review the marketplace and complete comprehensive due diligence on your competition before deciding on a location for your store.
There are a range of challenges associated with bringing an online store into the modern offline retail environment. But those that complete their research and speak with specialists in their industry can find lasting success.
Laura Harvey is an entrepreneur herself as the owner of Ontario Business Central Inc. Her passion has always been about supporting the entrepreneurial spirit and advancement within Canada.
Laura authors in-depth blogs for Ontario Business Central assisting entrepreneurs and business owners to start, manage and grow their businesses. She has almost 30 years of expertise as a corporate specialist and 25 years of being an entrepreneur. Laura has the unique position of supporting a community that she also belongs to. She walks the walk right along with you.
You can find Laura on Linkedin and Twitter.